Non-fungible tokens (NFTs) have taken the cryptocurrency world by storm in 2021. The hype is well-warranted. Behind the mainstream headlines about expensive art sales, there are some very powerful applications for this technology in the world of finance and data.
Zoracles, having recently completed the Zoracles On-chain Reputation Assessment or ZORA Score, was looking for different ways to demonstrate the usefulness of the algorithm. The team wants to demonstrate the ZORA Score's effectiveness and encourage industry-wide adoption as soon as possible.
The development team quickly capitalized on an opportunity to build an over-the-counter (OTC) trading platform that could allow users to swap any ERC-20 token, but also any ERC-721 and ERC-1155 tokens. NFTSwaps!
This platform will not only allow the OTC trading of ethereum tokens and NFTs, but it will also integrate the ZORA Score to help facilitate trading.
AirSwap's OTC platform inspired NFTSwaps interface. We appreciated the clean lines and simplicity of the protocol. However, that's where the similarities stop.
NFTSwaps is built around direct OTC sales in an open market that allows any NFT/crypto to be traded. Bondly's NFTSwaps is a similar platform but only allows pre-selected and approved NFTs/cryptos to be bought and sold on the platform.
Our ZORA Score will be calculated and displayed as a trust metric in swaps.
NFTSwaps is an exciting opportunity for the Zoracles team to integrate our ZORA Score into a new product and have buyers/sellers informed of the wallet reputation similar to eBay's Powerseller ratings.
Please stay tuned for more NFTSwap information. The product rollout will occur over Q2 2021.